You are probably more than likely the proud owner of your new home already, or if not, you soon will be. It’s time to think about the future by protecting yourself and your loved ones should something go wrong or your financial situation should change.
You are a property owner so how do you protect should things go wrong?
Now that you own a property, you should consider covering yourself for life’s unfortunate events. What if you lose your job? What if you become seriously ill? or worse still what if you died? Who would pay the mortgage? How would the household bills get paid? That is where Income Protection Insurance, Mortgage Insurance and Life Insurance come into play.
It is something we all want to avoid talking about, it’s a boring subject and right now you are joyed at becoming a home owner. Unless you understand the real benefits it is probably not on your agenda.
Our advice is to understand how each product may benefit you and your family. You can then request more information when you are ready.
Some policies may not be right for you right now, but in the future once you are in your new home and you have had time to think, they could be.
In a nutshell we will try (I say try because even we find it difficult to get excited about these headings but there is a BUT.) and advise what each heading is about. Planning ahead is what got you to your new home using a co-ordinated approach.
Long-term sickness or accident which prevents you from working or even redundancy can prevent your regular income. This directly purs your home at risk. Mortgage payment protection insurance covers your monthly repayments if you can no longer make them.
Long-term income protection (IP) is an insurance policy that pays out if you’re unable to work due to injury or illness. You insure for a sum of money that you need each month. The more you need, the higher the premiums.
Making sure that your family doesn’t suffer financially if you die can be a tall order. This insurance policy protects just that.